Podcast
Questions and Answers
What is one source of external information that consumers often rely on?
What is one source of external information that consumers often rely on?
Online reviews and recommendations have little to no effect on consumer habits.
Online reviews and recommendations have little to no effect on consumer habits.
False
What effect can being surrounded by others who purchase a product have on a consumer's likelihood to buy the same product?
What effect can being surrounded by others who purchase a product have on a consumer's likelihood to buy the same product?
Bandwagon effect
An ongoing search for information is often conducted for _____ use.
An ongoing search for information is often conducted for _____ use.
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Match the sources of information with their characteristics:
Match the sources of information with their characteristics:
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What is a primary reason for consumers to engage in ongoing searches?
What is a primary reason for consumers to engage in ongoing searches?
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The popularity of a product has no impact on consumer purchasing behavior.
The popularity of a product has no impact on consumer purchasing behavior.
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Name one type of content that consumers might read as part of their ongoing search for information.
Name one type of content that consumers might read as part of their ongoing search for information.
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Consumers may observe which phones are used by _____ individuals to gather external information.
Consumers may observe which phones are used by _____ individuals to gather external information.
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Which of the following is an example of a source of external information?
Which of the following is an example of a source of external information?
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What is the first step in the information search process?
What is the first step in the information search process?
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An internal search begins with seeking information from external sources.
An internal search begins with seeking information from external sources.
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Name one situation where an internal search would be sufficient for making a decision.
Name one situation where an internal search would be sufficient for making a decision.
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The process of looking for external information relevant to a problem is known as _______.
The process of looking for external information relevant to a problem is known as _______.
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Which of the following factors influences how much information a consumer will search for?
Which of the following factors influences how much information a consumer will search for?
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Match the following search strategies with their descriptions:
Match the following search strategies with their descriptions:
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Shopbots help consumers compare prices through offline sources.
Shopbots help consumers compare prices through offline sources.
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What is the 'bandwagon effect'?
What is the 'bandwagon effect'?
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Study Notes
Information Search Strategies
- Information search is the process of finding suitable data to make decisions.
- Consumers search for varying amounts of information depending on the complexity of the purchase (e.g., a restaurant meal vs. a house).
Internal Search
- Begins with reviewing existing knowledge in long-term memory.
- Aims to answer questions like: Do I know a solution? What are the options' features? How can options be compared?
- Commonly sufficient for simple purchases but complex decisions require more external sources.
- Example: When buying a laptop, recalling prior experiences with brands.
External Search
- Seeks information from external sources.
- Includes independent sources, personal sources, and marketing-based information.
- Word-of-mouth (WOM) is a popular source; trusted sources (e.g., close acquaintances) have more influence.
- Online reviews and recommendations are increasingly influential.
- Credibility: non-marketer sources (e.g., reviews) are viewed more trustfully than marketer sources.
- Bandwagon effect: observing others' purchases influences buying decisions.
- Example: A person is 86% more likely to buy a car if a neighbor does.
- Online searching is a major source with tools like search engines and shopbots.
- Example: Checking product websites, reviews, comparison tools, and online tech reviews.
Ongoing Search
- Acquires information for potential future use or because the process is enjoyable.
- Example: Golf enthusiasts researching golf products even if their equipment is satisfactory.
- Example: Reading articles, watching videos, or visiting stores.
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Description
Test your understanding of information search strategies used by consumers. This quiz covers both internal and external search methods for making informed decisions. Explore concepts of memory recall, credible sources, and the influence of word-of-mouth in purchasing decisions.
